Other asset classes aren't so the depreciation schedule may not be as quick/beneficial.2) And it is even possible to find deals that are what I call "super-shielders" and which not only shield all the distributions in the investment but have extra to use over on other real estate investments that are throwing off income. 3) Unless you're doing a 1031 exchange  at the end or similar tax structure to defer taxes, you will have to *pay back* all that depreciation benefit at the end (on sale...which for you is in 5 years)  via depreciation recapture.

Only tankless water heaters, extra insulation, heating/cooling, etc....

I'm considering converting the shed into a DADU to maximize the use of the space and earn some extra income. 

(Give that to sellers, they picket $100k after paying off the loan.) and then pay them 4.5% interest (what they could get from the bank.) now you’re talking $750/yr extra interest, and it’s being paid to family. 

I do not recall them ever discussing how you cover the cost of property repairs and capital expenditures if you are not concerned about the property making extra money each month.Kyle some investors are in a different place than others.

So, the landlord makes an extra $1000 per month with the same fixed costs.  

maybe just me, dont go cheap on TP. you can buy inexpensive, but make sure it doesnt feel cheap. its worth an extra couple of dollars so guests dont remember that everything felt cheap

Find you an agent with a team behind him of solid general contractors, lenders, and property managers as well as other necessary contacts that will make navigating the best neighborhoods for solid rentals that will help you achieve what your looking for (Under $180K for SFH and/or a duplex, cashflow, and $1500 - $2000 in monthly rent) Here is one extra bonus to add into the mix for your criteria..

Typically how  much extra should I budget for, for these unknowns? 

That is assuming your DTI can cover the increased mortgage payment.If you have use for that extra $100k that you would get back right now then don’t wait.